The Asia-Pacific air compressor market was valued at $11.8 billion in 2018 and is projected to grow with a CAGR of 4.1% during the forecast period (2019–2024). The key factors responsible for the growth of the market are the increasing demand for energy-efficient air compressors and expanding automotive industry.
An air compressor is a mechanical device, which compresses the air using energy (chemical, electrical, or any other form). Several industries make use of this technology, such as food & beverage, textile, chemical & cement, oil & gas, and automotive.
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Dynamic air compressors are expected to witness the higher CAGR during the forecast period, in terms of value and volume. This category is further divided into axial flow and centrifugal compressors.
When type is considered, the APAC air compressor market is bifurcated into dynamic and positive displacement. Out of these, the positive displacement category dominated the market during the historical period (2014–2018) and is predicted to hold its position during the forecast period, both in terms of volume and value, due to the rising demand for rotary air compressors.
On the basis of application, the APAC air compressor market is categorized into textile, construction, food & beverage, power, industrial manufacturing, heating, ventilation, air conditioning, and refrigeration (HVAC-R), oil & gas, automotive, chemical & cement, and others.
The category of industrial manufacturing generated the highest revenue during the historical period and is predicted to dominate the market during the forecast period as well due to its fast growth in India and China. The application of food & beverage is expected to progress the fastest during the forecast period.
